Natalie transferred $500,000 of bonds to a revocable trust with directions to the trustee to pay income to her aunt for five years, after which the corpus is to be distributed to Natalie's niece. At year-end, the trustee paid $16,000 of income to the aunt. Which of the following is a true statement?

Multiple Choice

a. Natalie has made a complete gift of $500,000.

b. Natalie has made a taxable gift of $1,000.

c. Natalie has not made a complete gift because the trust is revocable.

d. Natalie has made a taxable gift of $16,000.

e. None of the choices are correct.